Wealth Index
Wealthier than 89% of counties in Texas
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Hood County | Texas Avg | US Average |
|---|---|---|---|
| Median Household Income | $87,133 | $76,510 | $78,145 |
| Median Personal Income | $63,718 | $58,415 | $61,726 |
| Average income growth | 6.0% | 4.8% | 5.1% |
| Six-Figure Earners | 13.5% | 12.4% | 13.2% |
The median household income in Hood County is about 14% higher than in Texas. Income has been growing faster in Hood County (6.0%/yr) than in Texas (4.8%/yr).
About 14% of adults in Hood County earn six figures ($100,000 or more) a year, higher than the Texas average of 12%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Hood County, Texas grew by 64.9% from 2009 to 2023, reaching $87,133 in 2023. That's an average of about 6.0% per year.
Economic Inequality in Hood County | Gender Pay Gap | Gini Coefficient
| Metric | Hood County | Texas Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.561 | 0.587 | 0.570 |
| Male Median Income | $74,668 | $64,517 | $67,746 |
| Female Median Income | $51,339 | $51,419 | $54,793 |
| Gender Pay Gap | 31.2% | 20.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Hood County, it is 0.561, lower than Texas's 0.587, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 45% more than women's income in Hood County, Texas. Over a 35-year career, a 45% wage gap accumulates to roughly $816,515 in unearned income for female workers in the area.
Income by Sex Over Time
The income gap between men and women in Hood County, Texas has stayed about the same since 2009, at around 31%. In dollar terms, the gap has widened by $8,183 since 2009.
Employment
| Metric | Hood County | Texas Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 6.1% | 5.1% | 5.2% |
| Working from Home | 12.8% | 12.8% | 13.4% |
| Commute time (minutes) | 26 | 22 | 22 |
Approximately 1,848 people are unemployed in Hood County, Texas.
The average commute time in Hood County is 26 minutes, longer than the 22 minutes in Texas.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Hood County, Texas has fallen from 6.5% to 6.1% in 2023.
Conclusion
Considering all these factors, Hood County, Texas has an overall wealth index grade of B, making it somewhat better than Texas, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Hood County, Texas.
How Rich Is Hood County, Texas?
Hood County has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $87,133, about 14% higher than the Texas average of $76,510.
What is the current median household income in Hood County, Texas?
As of 2023, the median household income in Hood County, Texas is $87,133.
What was the median household income in Hood County in 2023?
In 2023, the median household income in Hood County, Texas was $87,133.
What was the median household income in Hood County in 2020?
In 2020, the median household income in Hood County, Texas was $71,191.
What is the Gini coefficient in Hood County, Texas?
The Gini coefficient in Hood County is 0.561. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.570, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Hood County, Texas?
The income gap between men and women in Hood County, Texas has stayed about the same since 2009, at around 31%. In dollar terms, the gap has widened by $8,183 since 2009.